**Calculation of Insurance Premium for the Year Ended 31st March 2019**

To determine the amount that will be debited to the profit and loss account for the year ended 31st March 2019, we need to consider the portion of insurance premium expense that relates to this specific accounting period.

**1. Insurance Premium Expense Allocation**

The insurance premium paid on 1st December 2017 covers the period from 1st December 2017 to 30th November 2018, which is a total of 12 months. Similarly, the insurance premium paid on 1st December 2018 covers the period from 1st December 2018 to 30th November 2019, also a total of 12 months.

To determine the portion of the insurance premium expense that relates to the year ended 31st March 2019, we need to calculate the number of months that fall within this accounting period.

- Accounting Period: 1st April 2018 to 31st March 2019
- Number of Months Covered by Insurance Premium: December 2018 to March 2019 (4 months)

**2. Calculation of Insurance Premium Expense**

To calculate the insurance premium expense for the year ended 31st March 2019, we can use the following formula:

Insurance Premium Expense = (Insurance Premium Paid / Total Number of Months) * Number of Months Covered

Using the information provided:

Insurance Premium Paid on 1st December 2018 = $30,000
Total Number of Months Covered = 12 months
Number of Months Covered for the Year Ended 31st March 2019 = 4 months

Insurance Premium Expense = ($30,000 / 12) * 4 = $10,000

Therefore, the amount that will be debited to the profit and loss account for the year ended 31st March 2019 is $10,000.

**3. Explanation**

The insurance premium expense is recognized in the profit and loss account over the period to which it relates. In this case, the premium paid on 1st December 2018 covers a 12-month period from 1st December 2018 to 30th November 2019. However, the accounting period under consideration is from 1st April 2018 to 31st March 2019. Therefore, we need to allocate the insurance premium expense to the specific period.

By calculating the insurance premium expense for the 4-month period from December 2018 to March 2019, we accurately reflect the insurance cost incurred during this accounting period. This ensures that the profit and loss account reflects the expenses and revenues associated with the specific period under consideration, providing a more accurate financial statement presentation.

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